Correspondent Loan Funder

Role Definition

Indexes and audits correspondent closed loan files, communicates pre-purchase conditions to bank contacts, and approves loans for purchase in a timely manner to meet investor delivery commitments.

I. Conduct pre-purchase audit of loan files

• Conduct pre-purchase audit of loan files submitted by Alliance and Traditional Correspondent Banks for purchase to ensure completeness, accuracy, and adherence to IBMC and investor guidelines.
• Identify deficiencies that may prevent loans from aligning with investor or internal guidelines.
• Escalate issues as necessary.

II. Input and verify data

• Input and verify data in the Loan Origination System to ensure accurate data is delivered to investors.

III. Communication

• Provide proactive communication to banks regarding active pipeline and purchase conditions.
• Respond to inquiries as necessary to resolve issues and provide superior service to correspondent partners.

IV. Review and Clear Purchase Conditions

• Review and clear purchase conditions for purchase approval.
• Update loan transaction details with complete purchase information and reconcile final purchase transaction.
• Process and distribute Purchase Advice to bank contacts.

V. Pipeline Management

• Manage daily pipelines, ensuring timely processing within IBMC expected service levels.

VI. Document Upload and Indexing

• Complete document upload and accurate indexing within Loan Origination System.

Requirements

• Required Education: High school diploma or general education degree (GED)
• Required Work Experience: One to two years of related experience and/or training within the mortgage industry; or equivalent combination of education and experience.
• Technology Skills: Encompass Loan Origination System
• Required Skills or traits for the position: Experience processing or analyzing residential mortgage loans.